IRS Enrolled Agent helping with personal, business, corporate tax returns; tax problems-issues, tax debt relief, audits, liens and levies in Las Vegas.
Do you have questions or concerns regarding federal tax (IRS) or Nevada Franchise Tax Board "FTB" issues? David D L Horton, Esq., EA*, can assist you with IRS and FTB issues, whether simple or complex, including:
Filing Tax Returns-Personal, Business and Trust Returns
IRS and FTB Tax Audits
Offers in Compromise
Innocent Spouse Relief
Other Tax Settlement Options
IRS and FTB Tax Liens and Levies
Wage Garnishments
Unfiled Tax Returns (Back Taxes)
...and more.
"An Enrolled Agent that is also an Attorney, unlike other attorneys and certified public accountants (CPAs), have unlimited practice rights. This means they are unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and before which IRS jurisdiction they can represent clients.
*An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by either passing a three-part comprehensive IRS test covering individual and business tax returns, or through experience as a former IRS employee.
Enrolled agent status is the highest credential the IRS awards. Individuals who obtain this elite status must adhere to ethical standards and complete 72 hours of continuing education courses every three years. "
1. Aggressive Representation
2. Settle Your Tax Debt for Pennies on the Dollar - Stop the IRS
3. Asset Protection and Tax Avoidance Strategies
4. The Federal Tax Law is Unconstitutional - Income Tax is Illegal
5. The Problem Will NOT Go Away! - Do NOT be Overwhelmed?
6. Retain Local Professionals to Act as Your Advocate
7. Tax Implications Regarding Short Sales and Foreclosures
8. IRS Circular 230 Disclosure:
Aggressive Representation
David D L Horton is knowledgeable, experienced and assertive; therefore it is not necessary for him to resort to the less professional and counter-productive methods of being so-called "aggressive" or "tough".
Settle Your Tax Debt for Pennies on the Dollar - Stop the IRS
Usually this phrase is used as a buzz-phrase for marketing purposes and has little to do with reality. Indeed, depending on your individual circumstances, your tax debt could be reduced or even eliminated; however, such a claim by itself should not induce you to retain that particular firm or professional to represent you. In fact, we find it to be disingenuous, to possibly give false hope to a distraught taxpayer before all of the facts and law applicable to that particular taxpayer are thoroughly analyzed.
Asset Protection and Tax Avoidance Strategies
BEWARE of "asset protection" and "tax avoidance" strategies and exotic products sold on the internet. It takes more than a few trusts, corporations, llc's, or offshore entities to legally reduce your tax liability or protect your assets. In fact, the more complicated and expensive your so-called tax-reduction or "asset protection" plan is, the less likely it will benefit you. It is often true that such "plans" place persons in worse shape than they were before the "plan" was implemented.
If your tax-reduction strategy is complicated, or mysterious, or difficult to understand, there is a good chance it is not working. Unfortunately, many do not find this out until it is too late. The most effective tax planning results when a preliminary plan is designed based upon a legitimate business purpose and then refined in order to qualify for the tax benefits applicable thereto. David D L Horton can assist you with genuine, legal and effective tax planning and "asset protection". Allow him to review any tax-reduction or "asset protection" plans or structures you have in place to ensure their legitimacy and effectiveness.
The Federal Tax Law is Unconstitutional - Income Tax is Illegal
Over the last few decades David D L Horton has heard and researched many "tax protester" and constitutional arguments regarding federal taxes. He can assist you with understanding the risks that are associated with subscribing to these legal positions and can advise you on how to avoid or minimize the effect of the future and inevitable problems you will encounter.
The Problem Will NOT Go Away!
The MOST IMPORTANT thing to remember is… DO NOT ignore any correspondence or contact you may receive from the IRS or FTB! These problems do not just go away when you ignore them - THEY ACTUALLY JUST GET WORSE!!!
Please Be Aware: Individuals who deliberately fail to comply with federal or state tax laws may be subject to a criminal investigation, which could result in prosecution, fines, and imprisonment. Do not deliberately ignore your problems with the IRS or FTB; instead, contact a professional as soon as possible and settle any issues you may have.
Do NOT be Overwhelmed
Do NOT feel as if your tax issue is unsolvable or insurmountable - do not become overwhelmed by IRS and FTB issues. Act now; there are answers and methods available by which your problems may be solved. Retain Local Professionals to Act as Your Advocate.
Retain Local Professionals to Act as Your Advocate
You may have noticed that there are many nationwide firms that heavily advertise that they can solve your tax problems. Beware of them. If you have issues with the IRS or FTB, find one of the local, experienced professionals whom you can trust - a professional whom you can meet in person.
It is not wise to face problems with the IRS or FTB alone and/or not at all. David D L Horton, Esq., an attorney and enrolled agent, can represent taxpayers before the U.S. Department of Treasury (I.R.S.) regarding any matter within any jurisdiction and before the FTB. David, alone, has over 25 years experience with all types of tax matters: personal taxes, corporate taxes, partnerships, and international and "offshore" tax issues. David has previous real-life experience as a business owner, employer, investor, and more, which can be very useful in helping you solve your real-life problems.
Tax Implications Regarding Short Sales and Foreclosures
If you are facing foreclosure or selling your property or home in a short sale, you may incur a federal tax liability. In almost every instance of a foreclosure or short sale you will be issued an IRS form 1099 that will indicate the amount of the deficiency.
You are required to report this amount on your federal income tax return. Generally, this amount is taxable to you as ordinary income. However, there are legal methods by which you can reduce or completely avoid this tax. None of these methods are as simple as some Realtor's ® and other persons claim. You should obtain the counsel of a federal tax professional who will fully review your tax situation and render reliable advice regarding this matter.
IRS Tax Attorney Las Vegas
IRS Circular 230 Disclosure:
As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained in this communication was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code. Furthermore, the contents of this website are neither intended to be, nor should be, construed as either legal OR tax advice. Each individual's circumstances are unique. This site contains general and overall discussions, and as such, the content of this site is not intended as definitive legal or tax advice that would apply to any particular person. Those who view this web site should seek advice from an independent tax advisor with respect to their particular transaction or matters that is based on the reader's particular circumstances. You must have your particular financial and tax situation personally reviewed by a tax professional or attorney in order to obtain tax or legal advice upon which you can rely.
35 Years Experience as Las Vegas Attorneys. The Law Office of Attorney Jacqueline Mary McQuigg & Associates. Gay Friendly Attorney in Summerlin Las Vegas Nevada.
Wednesday, August 20, 2014
Asset Protection Attorneys
Refined & Experienced Summerlin Las Vegas Asset Protection Attorneys. The Law Office of Jacqueline Mary McQuigg & Assoc. Asset Protection Attorney in Las Vegas.
Asset Protection is better described as Risk Management. In business and in life there are events that occur that may deplete your resources. Some of the events include weather-related events, fire, automobile accidents, other accidents, medical emergencies, and more. The first line of defense in protecting your assets is obtaining applicable insurance policies that indemnify you in the event you are harmed, your property is harmed, or other similar events occur. However, it must be remembered that insurance policies are written in the best interest of the insurer, and often people are alarmed when they discover their policy does not pay under certain circumstances, or that the pay-out amount does not cover amount of the loss incurred. Other events that can cause substantial loss or diminution of your assets include the issuance by a court of a judgment against you, a family member, or your company; and, actions taken by governmental and law enforcement agencies.
Limited Liability Companies (LLC's)
LLC's are commonly touted as being asset protection vehicles. People are told to simply place their assets in an LLC and they are protected from lawsuits due to the statutory language regarding LLC's called a "charging order". Notwithstanding the "charging order" statute, it is not wise to believe that this means no one can get to the assets of an LLC; in fact, there are many situations that create a right in the courts or other governmental bodies to confiscate the assets within an LLC. LLC's are useful tools in an asset protection plan, but they must be formed and maintained properly in order for you to benefit from using one.
Trusts
Many believe that if you place your assets in a Living Trust they cannot be taken from you if you owe a creditor or if there is a judgment against you. This is not true unless you are willing to give up ownership and control of your property and transfer it into an Irrevocable Trust for the benefit and under the control of another persons, and you do not have any present claims against you, and do not have any claims you for two (2) or more years afterward. And, even then, if not executed and drafted properly, this approach will not provide the protection you need.
Homestead Exemption
Filing a homestead exemption claim against your property may protect the first $300,000.00 of equity you have in your home, depending on how long you have owned your home, and depending on which person or governmental entity is claiming right to the equity in your home. Once again, this is a useful tool, but there are exceptions and conditions that must be met for it to be useful to you.
Also, whether you have a homestead exemption filed or not, a judgment lien may still be filed with the county in which your property resides, and it will detrimentally affect your ability to sell or buy your home, or other property, in the future.
OK, So What Do I Do?
Asset Protection Plans (Risk Management Plans) have to be tailored to fit your needs. There are no standardized plans that will accomplish the type of protection you need. There are many people who rely on information found on the World Wide Web that is published by salesmen wishing to sell you "Asset Protection Plans". Many of these promoters are former attorneys who have had their license to practice law revoked, or they are salesmen with no legal training. There are many stories and complaints regarding these types of scams that can be reviewed at:http://www.quatloos.com/asset_protection_scams.htm. The asset protection vehicles discussed above, and many more, are available and useful. Please consult an attorney who has experience in the area of Risk Management/Wealth Management and formulate a plan that will best suit you. Then have the attorney assist you in the implementation of the plan so that it will bring about the desired result.
Asset Protection Attorney Las Vegas>
Legal Disclaimer Neither the State of Nevada nor any agency of the Nevada State Bar has certified any Las Vegas Attorney / Las Vegas Lawyer as a specialist or as an expert in any legal area. Anyone considering a Las Vegas Attorney / Las Vegas Lawyer should independently investigate their credentials and ability. Be cautious in your choice.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an Attorney / Lawyer for individual advice regarding your own situation. Nothing contained on these pages should be interpreted as establishing an attorney-client and/or lawyer-client relationship. Attorney Las Vegas . com | Law Offices of Jacqueline Mary McQuigg & Associates | © 2014 All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include the above copyright notice.
Asset Protection is better described as Risk Management. In business and in life there are events that occur that may deplete your resources. Some of the events include weather-related events, fire, automobile accidents, other accidents, medical emergencies, and more. The first line of defense in protecting your assets is obtaining applicable insurance policies that indemnify you in the event you are harmed, your property is harmed, or other similar events occur. However, it must be remembered that insurance policies are written in the best interest of the insurer, and often people are alarmed when they discover their policy does not pay under certain circumstances, or that the pay-out amount does not cover amount of the loss incurred. Other events that can cause substantial loss or diminution of your assets include the issuance by a court of a judgment against you, a family member, or your company; and, actions taken by governmental and law enforcement agencies.
Limited Liability Companies (LLC's)
LLC's are commonly touted as being asset protection vehicles. People are told to simply place their assets in an LLC and they are protected from lawsuits due to the statutory language regarding LLC's called a "charging order". Notwithstanding the "charging order" statute, it is not wise to believe that this means no one can get to the assets of an LLC; in fact, there are many situations that create a right in the courts or other governmental bodies to confiscate the assets within an LLC. LLC's are useful tools in an asset protection plan, but they must be formed and maintained properly in order for you to benefit from using one.
Trusts
Many believe that if you place your assets in a Living Trust they cannot be taken from you if you owe a creditor or if there is a judgment against you. This is not true unless you are willing to give up ownership and control of your property and transfer it into an Irrevocable Trust for the benefit and under the control of another persons, and you do not have any present claims against you, and do not have any claims you for two (2) or more years afterward. And, even then, if not executed and drafted properly, this approach will not provide the protection you need.
Homestead Exemption
Filing a homestead exemption claim against your property may protect the first $300,000.00 of equity you have in your home, depending on how long you have owned your home, and depending on which person or governmental entity is claiming right to the equity in your home. Once again, this is a useful tool, but there are exceptions and conditions that must be met for it to be useful to you.
Also, whether you have a homestead exemption filed or not, a judgment lien may still be filed with the county in which your property resides, and it will detrimentally affect your ability to sell or buy your home, or other property, in the future.
OK, So What Do I Do?
Asset Protection Plans (Risk Management Plans) have to be tailored to fit your needs. There are no standardized plans that will accomplish the type of protection you need. There are many people who rely on information found on the World Wide Web that is published by salesmen wishing to sell you "Asset Protection Plans". Many of these promoters are former attorneys who have had their license to practice law revoked, or they are salesmen with no legal training. There are many stories and complaints regarding these types of scams that can be reviewed at:http://www.quatloos.com/asset_protection_scams.htm. The asset protection vehicles discussed above, and many more, are available and useful. Please consult an attorney who has experience in the area of Risk Management/Wealth Management and formulate a plan that will best suit you. Then have the attorney assist you in the implementation of the plan so that it will bring about the desired result.
Asset Protection Attorney Las Vegas>
Legal Disclaimer Neither the State of Nevada nor any agency of the Nevada State Bar has certified any Las Vegas Attorney / Las Vegas Lawyer as a specialist or as an expert in any legal area. Anyone considering a Las Vegas Attorney / Las Vegas Lawyer should independently investigate their credentials and ability. Be cautious in your choice.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an Attorney / Lawyer for individual advice regarding your own situation. Nothing contained on these pages should be interpreted as establishing an attorney-client and/or lawyer-client relationship. Attorney Las Vegas . com | Law Offices of Jacqueline Mary McQuigg & Associates | © 2014 All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include the above copyright notice.
Business & Corporate Attorneys
Refined & Experienced Summerlin Las Vegas Corporate & Business Attorneys. Incorporation, Inc, Limited Liability Company LLC. Business Attorney in Las Vegas.
BUSINESS & CORPORATE LAW
~Mark Twain~ "Whenever you find yourself on the side of the majority, it is time to pause and reflect."
Whether you are starting a business, growing a business, or presently own an established business interest, there are many important legal matters that will affect your business.
The type of business entity or entities you are using can affect future profits, stability, taxation, and other important matters. Business entities available include corporations / incorporation INC., limited liability companies (LLC), limited partnerships (LP, LLP, or LLLP), or a series or combination of one or more of the above. Running a profitable business is not simply a matter of making a profit; it is also important that you protect what you make, and put it to work in a way most profitable for you and for those who may inherit your business.
Other business law concerns may include buy-sell agreements, asset protection plans, wealth management, risk management, and defense against lawsuits.
Also, there are many licensing and tax issues that are important to the success of your business with which we can assist you.
Business Law & Corporate Attorney Las Vegas
Legal Disclaimer Neither the State of Nevada nor any agency of the Nevada State Bar has certified any Las Vegas Attorney / Las Vegas Lawyer as a specialist or as an expert in any legal area. Anyone considering a Las Vegas Attorney / Las Vegas Lawyer should independently investigate their credentials and ability. Be cautious in your choice.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an Attorney / Lawyer for individual advice regarding your own situation. Nothing contained on these pages should be interpreted as establishing an attorney-client and/or lawyer-client relationship. Attorney Las Vegas . com | Law Offices of Jacqueline Mary McQuigg & Associates | © 2014 All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include the above copyright notice.
BUSINESS & CORPORATE LAW
~Mark Twain~ "Whenever you find yourself on the side of the majority, it is time to pause and reflect."
Whether you are starting a business, growing a business, or presently own an established business interest, there are many important legal matters that will affect your business.
The type of business entity or entities you are using can affect future profits, stability, taxation, and other important matters. Business entities available include corporations / incorporation INC., limited liability companies (LLC), limited partnerships (LP, LLP, or LLLP), or a series or combination of one or more of the above. Running a profitable business is not simply a matter of making a profit; it is also important that you protect what you make, and put it to work in a way most profitable for you and for those who may inherit your business.
Other business law concerns may include buy-sell agreements, asset protection plans, wealth management, risk management, and defense against lawsuits.
Also, there are many licensing and tax issues that are important to the success of your business with which we can assist you.
Business Law & Corporate Attorney Las Vegas
Legal Disclaimer Neither the State of Nevada nor any agency of the Nevada State Bar has certified any Las Vegas Attorney / Las Vegas Lawyer as a specialist or as an expert in any legal area. Anyone considering a Las Vegas Attorney / Las Vegas Lawyer should independently investigate their credentials and ability. Be cautious in your choice.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an Attorney / Lawyer for individual advice regarding your own situation. Nothing contained on these pages should be interpreted as establishing an attorney-client and/or lawyer-client relationship. Attorney Las Vegas . com | Law Offices of Jacqueline Mary McQuigg & Associates | © 2014 All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include the above copyright notice.
Gay Friendly Attorneys
Refined & Experienced Summerlin Las Vegas Gay Friendly Attorneys. The Law Office of Jacqueline Mary McQuigg & Associates. L.G.B.T. Attorney in Las Vegas.
No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws.
FOURTEENTH AMENDMENT
UNITED STATES CONSTITUTION
DOMESTIC PARTNERSHIP PORTFOLIO
LEGAL DOCUMENTS
Unlike other states, Nevada has now enacted laws to PROTECT same sex unions. The Domestic Partnership Responsibilities Act 2009 will provide the exact state-level rights, responsibilities, obligations, entitlements and benefits of marriage, without calling it a marriage, instead it is called a Domestic Partnership. In Nevada, provision have been made for one member of a same-sex couple to adopt the child of the other member or for the partners to adopt the child together. There have been some exceptions--call us for details.
Our Offices have worked with the local GLBT community for many years providing assistance in protecting the rights of same-sex couples. To date there are no legal provisions for filing a joint federal tax return or for collecting a partner's social security benefits; however, we can help you with other issues using our recently developed Domestic Partnership Portfolio..
We are pleased that Nevada has joined the ranks of the more "enlightened" states that have enacted domestic partnership laws!!
Your DOMESTIC PARTNERSHIP PORTFOLIO should include the following:
General Partnership Agreement - a contract between partners covering issues such as property rights, spousal support rights, household responsibilities and financial obligations.
Living Trust
Pour Over Will for Each Partner
Power of Attorney for Financial Matters for Each Partner
Power of Attorney for Medical Decisions for Each Partner
Name Change Information and Documents
Provisions for Guardianship of Minors
A Complete Review of All Life Insurance Policies and Retirement Plans
There is no set of instructions and forms that is appropriate for every person as every person's situation is unique to some degree. I invite you to schedule a consultation with me. I will review your situation and advise you of your various options and the costs involved. You will determine which approach is best for you.
LGBT Attorney Las Vegas
Legal Disclaimer Neither the State of Nevada nor any agency of the Nevada State Bar has certified any Las Vegas Attorney / Las Vegas Lawyer as a specialist or as an expert in any legal area. Anyone considering a Las Vegas Attorney / Las Vegas Lawyer should independently investigate their credentials and ability. Be cautious in your choice.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an Attorney / Lawyer for individual advice regarding your own situation. Nothing contained on these pages should be interpreted as establishing an attorney-client and/or lawyer-client relationship. Attorney Las Vegas . com | Law Offices of Jacqueline Mary McQuigg & Associates | © 2014 All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include the above copyright notice.
No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws.
FOURTEENTH AMENDMENT
UNITED STATES CONSTITUTION
DOMESTIC PARTNERSHIP PORTFOLIO
LEGAL DOCUMENTS
Unlike other states, Nevada has now enacted laws to PROTECT same sex unions. The Domestic Partnership Responsibilities Act 2009 will provide the exact state-level rights, responsibilities, obligations, entitlements and benefits of marriage, without calling it a marriage, instead it is called a Domestic Partnership. In Nevada, provision have been made for one member of a same-sex couple to adopt the child of the other member or for the partners to adopt the child together. There have been some exceptions--call us for details.
Our Offices have worked with the local GLBT community for many years providing assistance in protecting the rights of same-sex couples. To date there are no legal provisions for filing a joint federal tax return or for collecting a partner's social security benefits; however, we can help you with other issues using our recently developed Domestic Partnership Portfolio..
We are pleased that Nevada has joined the ranks of the more "enlightened" states that have enacted domestic partnership laws!!
Your DOMESTIC PARTNERSHIP PORTFOLIO should include the following:
General Partnership Agreement - a contract between partners covering issues such as property rights, spousal support rights, household responsibilities and financial obligations.
Living Trust
Pour Over Will for Each Partner
Power of Attorney for Financial Matters for Each Partner
Power of Attorney for Medical Decisions for Each Partner
Name Change Information and Documents
Provisions for Guardianship of Minors
A Complete Review of All Life Insurance Policies and Retirement Plans
There is no set of instructions and forms that is appropriate for every person as every person's situation is unique to some degree. I invite you to schedule a consultation with me. I will review your situation and advise you of your various options and the costs involved. You will determine which approach is best for you.
LGBT Attorney Las Vegas
Legal Disclaimer Neither the State of Nevada nor any agency of the Nevada State Bar has certified any Las Vegas Attorney / Las Vegas Lawyer as a specialist or as an expert in any legal area. Anyone considering a Las Vegas Attorney / Las Vegas Lawyer should independently investigate their credentials and ability. Be cautious in your choice.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an Attorney / Lawyer for individual advice regarding your own situation. Nothing contained on these pages should be interpreted as establishing an attorney-client and/or lawyer-client relationship. Attorney Las Vegas . com | Law Offices of Jacqueline Mary McQuigg & Associates | © 2014 All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include the above copyright notice.
Bankruptcy Attorneys
Refined & Experienced Summerlin Las Vegas Bankruptcy Attorneys. The Law Offices of Jacqueline Mary McQuigg & Assoc. Chapter 7 Bankruptcy Attorney in Las Vegas.
BANKRUPTCY LAW
There is no reason to feel "guilty" for having to file for bankruptcy.
Filing for bankruptcy protection is NOT an indication of permanent failure or of dishonesty, and is often the most HONEST approach to handling a financial crisis than other options.
Things happen; therefore congress enacted laws that are designed to benefit YOU, your creditors, businesses, and the economy. This is accomplished because the laws attempt to provide a way for persons and businesses to continue on as normally as possible instead of experiencing such a blow that they are unable to any longer make any worthwhile contribution to national commerce.
If your circumstances are such that you qualify to file, it is in everyone's best interest that you do so.
A person needing to file for protection in Las Vegas should AVOID "bankruptcy mills". He or she should instead seek out an Experienced Bankruptcy Attorney that is known to thoughtfully review each client's individual circumstances and assist that client accordingly.
If your home is in FORECLOSURE and your lender refuses to work with you, you may receive help by filing for protection. Call us for more details.
Bankruptcy Attorney Las Vegas
Legal Disclaimer Neither the State of Nevada nor any agency of the Nevada State Bar has certified any Las Vegas Attorney / Las Vegas Lawyer as a specialist or as an expert in any legal area. Anyone considering a Las Vegas Attorney / Las Vegas Lawyer should independently investigate their credentials and ability. Be cautious in your choice.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an Attorney / Lawyer for individual advice regarding your own situation. Nothing contained on these pages should be interpreted as establishing an attorney-client and/or lawyer-client relationship. Attorney Las Vegas . com | Law Offices of Jacqueline Mary McQuigg & Associates | © 2014 All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include the above copyright notice.
BANKRUPTCY LAW
There is no reason to feel "guilty" for having to file for bankruptcy.
Filing for bankruptcy protection is NOT an indication of permanent failure or of dishonesty, and is often the most HONEST approach to handling a financial crisis than other options.
Things happen; therefore congress enacted laws that are designed to benefit YOU, your creditors, businesses, and the economy. This is accomplished because the laws attempt to provide a way for persons and businesses to continue on as normally as possible instead of experiencing such a blow that they are unable to any longer make any worthwhile contribution to national commerce.
If your circumstances are such that you qualify to file, it is in everyone's best interest that you do so.
A person needing to file for protection in Las Vegas should AVOID "bankruptcy mills". He or she should instead seek out an Experienced Bankruptcy Attorney that is known to thoughtfully review each client's individual circumstances and assist that client accordingly.
If your home is in FORECLOSURE and your lender refuses to work with you, you may receive help by filing for protection. Call us for more details.
Bankruptcy Attorney Las Vegas
Legal Disclaimer Neither the State of Nevada nor any agency of the Nevada State Bar has certified any Las Vegas Attorney / Las Vegas Lawyer as a specialist or as an expert in any legal area. Anyone considering a Las Vegas Attorney / Las Vegas Lawyer should independently investigate their credentials and ability. Be cautious in your choice.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an Attorney / Lawyer for individual advice regarding your own situation. Nothing contained on these pages should be interpreted as establishing an attorney-client and/or lawyer-client relationship. Attorney Las Vegas . com | Law Offices of Jacqueline Mary McQuigg & Associates | © 2014 All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include the above copyright notice.
Loan Modification Attorneys
Refined & Experienced Summerlin Las Vegas Real Estate Loan Modification Attorneys. The Law Office of Jacqueline Mary McQuigg & Assoc. Loan Mod Attorney in Las Vegas.
We have received countless emails at the law firm that are just like this one:
My name is [John Doe]. A couple of years ago I had to retire from 30 years of ... service due to my wife having [major medical problems]. We tried to modify our loan ... [The process] dragged on for a year and a half. It was a nightmare. They [increased] our payment by adding ... without telling us. In the end [what] they actually gave is an offer with a higher payment than when we started.
[We then did a] short sale and our realtor had a buyer. [Our lender] approved the short sale. But the day before final approval they foreclosed. ...... I have had to withdraw 90 percent of [my retirement savings so my wife and I could] survive.
LEARN THE TRUTH ABOUT:
Loan Modifications-Trial Periods-Usefulness
"Help" From the Banks
The Typical Scenario
"Reducing Your Principal"
Other Problems Plaguing Loan Modifications
Stopping Foreclosure by Applying for a Loan Modification
Using an Attorney
Qualifying
Having Late Payments
Hardship Requirements
I.) Loan Modifications-Trial Periods--Usefulness
If you think your first loan was bad, if you modify it, it will be worse! It has also been said that if you think you were swindled by your lender on your mortgage, just wait until they modify it for you! While this may not always be true, sadly, it is important to note that in the Las Vegas market we have found that this seems to be often true. Our experiences dealing with loan modifications have led us to the view that lenders "engage" borrowers and suggest loan modifications knowing that it is likely you will lose your home anyway.
A.) Banks Promote Loan Modifications.
Banks have many reasons they promote loan modifications. Here are two main reasons:
1. Working on a loan modification will delay many inevitable foreclosures, reducing the number of foreclosed homes in their inventory, and therefore causing their accounting and financial reports to indicate they are in a stronger position than they really are.
2. If a borrower is behind in their mortgage payments, it is highly likely that a foreclosure is inevitable. By giving a borrower false hopes of saving their home by initiating a trial-period loan modification, the lender is able to induce a borrower to at least send some money to the bank while the lender waits for a more convenient time to foreclose anyway. Otherwise, a lender knows they will likely get no money at all.
B.) "The Trial Period"
If you are told you qualify for a loan modification and that there is a trial period, the realty is you have not fully qualified. At this point, the lender has not determinatively verified whether or not you "in fact" qualify for a loan modification. Equally as important, the servicer who supposedly qualified you for a loan modification and started you on a trial period has not obtained final approval from the investor or owner of your mortgage. All too often, six to ten months later, once the lender and their servicer has tricked you out of several thousand dollars in "trial period payments" and other related expenses, you will be notified that your modification has been rejected by the lender/investor/owner of your loan, and very quickly afterward your home will be sold in a foreclosure sale-sometimes with little or no notice.
C.) When are Loan Modifications Useful?
Loan modifications are useful when you use the modification process for your benefit as opposed to doing a loan modification that benefits the lender. Some clients, for various personal reasons, simply need to "kick the can down the road" for a few years.
Loan Modification Attorney Las Vegas
Legal Disclaimer Neither the State of Nevada nor any agency of the Nevada State Bar has certified any Las Vegas Attorney / Las Vegas Lawyer as a specialist or as an expert in any legal area. Anyone considering a Las Vegas Attorney / Las Vegas Lawyer should independently investigate their credentials and ability. Be cautious in your choice.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an Attorney / Lawyer for individual advice regarding your own situation. Nothing contained on these pages should be interpreted as establishing an attorney-client and/or lawyer-client relationship. Attorney Las Vegas . com | Law Offices of Jacqueline Mary McQuigg & Associates | © 2014 All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include the above copyright notice.
We have received countless emails at the law firm that are just like this one:
My name is [John Doe]. A couple of years ago I had to retire from 30 years of ... service due to my wife having [major medical problems]. We tried to modify our loan ... [The process] dragged on for a year and a half. It was a nightmare. They [increased] our payment by adding ... without telling us. In the end [what] they actually gave is an offer with a higher payment than when we started.
[We then did a] short sale and our realtor had a buyer. [Our lender] approved the short sale. But the day before final approval they foreclosed. ...... I have had to withdraw 90 percent of [my retirement savings so my wife and I could] survive.
LEARN THE TRUTH ABOUT:
Loan Modifications-Trial Periods-Usefulness
"Help" From the Banks
The Typical Scenario
"Reducing Your Principal"
Other Problems Plaguing Loan Modifications
Stopping Foreclosure by Applying for a Loan Modification
Using an Attorney
Qualifying
Having Late Payments
Hardship Requirements
I.) Loan Modifications-Trial Periods--Usefulness
If you think your first loan was bad, if you modify it, it will be worse! It has also been said that if you think you were swindled by your lender on your mortgage, just wait until they modify it for you! While this may not always be true, sadly, it is important to note that in the Las Vegas market we have found that this seems to be often true. Our experiences dealing with loan modifications have led us to the view that lenders "engage" borrowers and suggest loan modifications knowing that it is likely you will lose your home anyway.
A.) Banks Promote Loan Modifications.
Banks have many reasons they promote loan modifications. Here are two main reasons:
1. Working on a loan modification will delay many inevitable foreclosures, reducing the number of foreclosed homes in their inventory, and therefore causing their accounting and financial reports to indicate they are in a stronger position than they really are.
2. If a borrower is behind in their mortgage payments, it is highly likely that a foreclosure is inevitable. By giving a borrower false hopes of saving their home by initiating a trial-period loan modification, the lender is able to induce a borrower to at least send some money to the bank while the lender waits for a more convenient time to foreclose anyway. Otherwise, a lender knows they will likely get no money at all.
B.) "The Trial Period"
If you are told you qualify for a loan modification and that there is a trial period, the realty is you have not fully qualified. At this point, the lender has not determinatively verified whether or not you "in fact" qualify for a loan modification. Equally as important, the servicer who supposedly qualified you for a loan modification and started you on a trial period has not obtained final approval from the investor or owner of your mortgage. All too often, six to ten months later, once the lender and their servicer has tricked you out of several thousand dollars in "trial period payments" and other related expenses, you will be notified that your modification has been rejected by the lender/investor/owner of your loan, and very quickly afterward your home will be sold in a foreclosure sale-sometimes with little or no notice.
C.) When are Loan Modifications Useful?
Loan modifications are useful when you use the modification process for your benefit as opposed to doing a loan modification that benefits the lender. Some clients, for various personal reasons, simply need to "kick the can down the road" for a few years.
Loan Modification Attorney Las Vegas
Legal Disclaimer Neither the State of Nevada nor any agency of the Nevada State Bar has certified any Las Vegas Attorney / Las Vegas Lawyer as a specialist or as an expert in any legal area. Anyone considering a Las Vegas Attorney / Las Vegas Lawyer should independently investigate their credentials and ability. Be cautious in your choice.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an Attorney / Lawyer for individual advice regarding your own situation. Nothing contained on these pages should be interpreted as establishing an attorney-client and/or lawyer-client relationship. Attorney Las Vegas . com | Law Offices of Jacqueline Mary McQuigg & Associates | © 2014 All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include the above copyright notice.
Foreclosure Attorneys
Refined & Experienced Summerlin Las Vegas Real Estate Foreclosure Attorneys. The Law Office of Jacqueline Mary McQuigg & Assoc. Foreclosure Attorney in Las Vegas.
A Reality Check... Foreclosure and What to Expect.
What is foreclosure?
Who has the right to foreclose?
What is the foreclosure procedure?
How can I stop foreclosure?
What about a loan modification?
What about help from the government?
_________________________________________________________________
What is foreclosure?
To foreclose on property is for a creditor to assert a claim of right, given by the owner of property to a creditor, to transfer interest in property to the creditor in the event the present owner (borrower) fails to pay an obligation, usually created by a loan agreement or promissory note.
In short, in most cases, it is when a lender takes property from its owner and sells it in order to satisfy an unpaid debt.
Who has the right to foreclose?
In most cases, the right to foreclose on interest in property is granted to a lender by a borrower who executes a Deed of Trust when mortgaging real property. A Deed of Trust authorizes a Trustee to redeem interest out of the value of property by confiscating income produced from the property or by forcing a sale of the property. When the property is sold, any funds remaining after paying off the obligations to the lender and other persons who have a Deed of Trust or lien against the property go to the borrower.
What is the foreclosure procedure?
When a person defaults on a loan agreement with a mortgage company, perhaps by failing to pay a monthly note to a mortgagee (lender), in most cases the lender has an automatic right to foreclose on its interest in the property that was mortgaged. A lender may begin the procedure very soon after a monthly payment is late, but most lenders wait at least 90 days before beginning the "foreclosure process". At that time, the lender will direct the Trustee named in the Deed of Trust that is recorded against the mortgaged property to foreclose on its interest in the property, force a sale, and collect the proceeds from the sale that are due the lender.
In Nevada, the "foreclosure procedure" begins when the lender (via its Trustee) posts on the property and records with the County Recorder a Notice of Default and Election to Sell. This document is meant to notify you that your lender has elected to force the sale of the property in order to satisfy all or part of the borrower's obligation to the lender.
Ninety (90) days after the Notice of Default is properly posted and recorded, then, and only then, does the lender have the right to post the next notice that is required by law, the Notice of Trustee's Sale. This notice is meant to notify the owner/borrower that the property will be sold at an auction. The date of the sale is usually 21 days after the notice is property posted and recorded.
Once the property is sold, the buyer has the right to take almost immediate possession in most cases. If the borrower, or another party, remains in possession, the new buyer can often have the person evicted in a few days.
Foreclosure Attorney Las Vegas
Legal Disclaimer Neither the State of Nevada nor any agency of the Nevada State Bar has certified any Las Vegas Attorney / Las Vegas Lawyer as a specialist or as an expert in any legal area. Anyone considering a Las Vegas Attorney / Las Vegas Lawyer should independently investigate their credentials and ability. Be cautious in your choice.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an Attorney / Lawyer for individual advice regarding your own situation. Nothing contained on these pages should be interpreted as establishing an attorney-client and/or lawyer-client relationship. Attorney Las Vegas . com | Law Offices of Jacqueline Mary McQuigg & Associates | © 2014 All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include the above copyright notice.
A Reality Check... Foreclosure and What to Expect.
What is foreclosure?
Who has the right to foreclose?
What is the foreclosure procedure?
How can I stop foreclosure?
What about a loan modification?
What about help from the government?
_________________________________________________________________
What is foreclosure?
To foreclose on property is for a creditor to assert a claim of right, given by the owner of property to a creditor, to transfer interest in property to the creditor in the event the present owner (borrower) fails to pay an obligation, usually created by a loan agreement or promissory note.
In short, in most cases, it is when a lender takes property from its owner and sells it in order to satisfy an unpaid debt.
Who has the right to foreclose?
In most cases, the right to foreclose on interest in property is granted to a lender by a borrower who executes a Deed of Trust when mortgaging real property. A Deed of Trust authorizes a Trustee to redeem interest out of the value of property by confiscating income produced from the property or by forcing a sale of the property. When the property is sold, any funds remaining after paying off the obligations to the lender and other persons who have a Deed of Trust or lien against the property go to the borrower.
What is the foreclosure procedure?
When a person defaults on a loan agreement with a mortgage company, perhaps by failing to pay a monthly note to a mortgagee (lender), in most cases the lender has an automatic right to foreclose on its interest in the property that was mortgaged. A lender may begin the procedure very soon after a monthly payment is late, but most lenders wait at least 90 days before beginning the "foreclosure process". At that time, the lender will direct the Trustee named in the Deed of Trust that is recorded against the mortgaged property to foreclose on its interest in the property, force a sale, and collect the proceeds from the sale that are due the lender.
In Nevada, the "foreclosure procedure" begins when the lender (via its Trustee) posts on the property and records with the County Recorder a Notice of Default and Election to Sell. This document is meant to notify you that your lender has elected to force the sale of the property in order to satisfy all or part of the borrower's obligation to the lender.
Ninety (90) days after the Notice of Default is properly posted and recorded, then, and only then, does the lender have the right to post the next notice that is required by law, the Notice of Trustee's Sale. This notice is meant to notify the owner/borrower that the property will be sold at an auction. The date of the sale is usually 21 days after the notice is property posted and recorded.
Once the property is sold, the buyer has the right to take almost immediate possession in most cases. If the borrower, or another party, remains in possession, the new buyer can often have the person evicted in a few days.
Foreclosure Attorney Las Vegas
Legal Disclaimer Neither the State of Nevada nor any agency of the Nevada State Bar has certified any Las Vegas Attorney / Las Vegas Lawyer as a specialist or as an expert in any legal area. Anyone considering a Las Vegas Attorney / Las Vegas Lawyer should independently investigate their credentials and ability. Be cautious in your choice.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an Attorney / Lawyer for individual advice regarding your own situation. Nothing contained on these pages should be interpreted as establishing an attorney-client and/or lawyer-client relationship. Attorney Las Vegas . com | Law Offices of Jacqueline Mary McQuigg & Associates | © 2014 All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include the above copyright notice.
Subscribe to:
Posts (Atom)